I was suggesting that the bank (Creditor) should not unilaterally have the sole option to change the terms they see fit to change after the fact, anytime they wish with no justification, to any new terms they choose, no matter how unreasonable they may be, which is basically what most current credit card agreements say.
Uh...ya wanna scan one of these agreements that you allege to exist, because I can assure you that is NOT what they say. I've been doing bankruptcies for about 10 years now and I've heard this argument over and over again. At the end of the day, it is the consumer who failed to read the agreement and make sure they understood it before they entered into it. I have never once seen any such agreement as you allege to exist.
Again I say, no one is forcing you to have accept the credit that is being extended. People accept it and the terms that go with it. If you don't accept the terms, don't use the service. It isn't brain science or rocket surgery.
Unreasonable in whose mind though? I don't find their terms unreasonable at all. I don't use credit because I do not accept their terms, but who am I to say what is reasonable for how they run their business? Who are you to say how a business should operate and what is reasonable for them?
Banks can and do lobby Washington for every advantage they can squeeze out Washington to squeeze borrowers with to their advantage, so that they can squeeze, seize and own us into monetary slavery. Why shouldn't we have the right to lobby for ourselves, and to lobby for reasonable, level handed treatment by the banks. After all they need our permission to exist and operate, we do NOT need their permission to exist and live. We decide what rules they do or do not operate under. Or least that is the way it is supposed to work. Big $$ and the lobby power of big Money has changed that for far too long. I see no problem with limiting the legal ability of banks to lie, cheat. steal and plunder their way to unlimited profits at the expense of the American Public.
You have every right to lobby. I don't know where anyone said you don't. I am just amused that you complain about governmental control out of one side of your mouth and then ask for more control out of the other. All that I can see is that you want everything handed to you and others should suffer as a result.
Most current credit card agreements are nothing more than a cold blooded license to indescriminatly steal at will. There is no real upper limit to where the interest rates can go anymore, according to most current CC agreements.
For some reason people seem to confuse a free market economy with anarchy. A free market does work in a total vacuum (meaning no laws, limits, or rules), only anarchy does, last years crash being a perfect example of what happens when you let the wolf run the hen house.
Nope, no confusion here. Again, you're placing the blame on the business rather than the consumers who make use of the service. The investers are, ultimately, in control. Their abdication of their control is their own damn fault. It's all about accountability my friend. People ask for the service, they create the market, they then ask the government to police the market they created, and then complain when they don't like how someone else is handling their responsibility to police the people they employ.
Even Paulson had to finally buckle up and eat is own "Freemarket" thinking and us Government aid to save the world financial system because of the mess they created from letting the Wolf pack guard the Hen houses!
Yano, it's the greed and laziness of the comsumers that is the heart of this problem, not that of the companies. Let's put the blame where it belongs shall we? It is all the people who live by way of credit. It is all the people who borrow more than they can safely afford to pay back because they are only looking at the instant moment and small picture. It si all the people focus more on the "next big thing" than on what they already have. It is all the people who want more and more luxury.
I'm currently hurting financially, but it has nothing to do with the economy or markets. It is because I chose to go out and play with Jeeps rather than pay attention to my responsibilities. If not for that, the economy has not shown
me that there is a problem. I don't live on credit. I don't even have a credit card. I pay cash and buy assets that will appreciate in value. I know many, many people who have banked their future on risky endevours that promised quick, huge rewards. They have given me grief because I did not invest and buy real estate. They told me that I was going to hurt in the future as a result. I watched for years as they sunk large sums of money into investments and lived on credit. I am now the one with assets and their accounts and equity in their homes that they are about lose is nothing. I say all this as an example of how it is the living outside of their means that is the problem, not the "wolfs" as you allege.
Many are jobless and homeless now because of this living beyond our means philosophy that has plaged this country since the end of WW2, not because of how the businesses have been run. Perhaps our government should regulate how the people spend their money to prevent issues such as this from happening? That makes more sense actually. Keep the people from spending more than they make so as to keep money available to supply people with jobs.
Oh, and thanks again for the Exxon/Mobil stock suggestion, but I did much better today with my own stock pick, PRGN. It was up about 50% on the day at one point after hours, and it is still a great buy. :wave1:
Glad to hear that's working out for you!!!
Well you might have a future in law, but you will need to get a bit more creative than that. I am proposing limiting how far banks, not people, can screw me over, after we have signed a contract. I am saying that it should be unlawful for a bank (a corporation, not a real person!) to be able to issue credit cards or loans using a contract that says the bank can change all the terms and rates at will, and that I am helpless to keep them from ruining me at their will. Why have a contract at all? Might as well borrow from a loan shark!
Again, I cannot stress enough that what you are proposing
IS limiting the rights of the individual. It is limiting how people conduct their business. If a bank is privately owned, should the same regulations and rules apply, or are you suggesting that they should only apply to corporations?
Oh, and btw...uh...again, their is NO contract out there that says, "a bank (a corporation, not a real person!) to be able to issue credit cards or loans using a contract that says the bank can change all the terms and rates at will." By definition that is not a contract. There is no meeting of the minds as to the terms of the agreement. That certainly would not be an enforceable contract either way. Either produce some evidence that a contract such as this exists or please drop it. Making up ficticious allegations does not help your point at all. Actually it is
extremely harmful to your position.
That part just does not make any sense.
It doesn't make sense or you don't want to accept the reality of it? You complain about the government mandating things. Then you complain because the government does not mandate things. If you don't like a particular company and how they do business, rather than finding a way to survive without doing business with them, you ask for the government to mandate more. When it all comes back to the consumer you complain yet again.
What I am sure of is that the words "We the people...", imply that we are the government, so I am not asking the government for anything, I am part of the government.
Nope. We, my friend, are a
republic. We are
not a
democracy.
And I am doing everything I can to reverse the laws of the land back to what we had 30 years ago, back to a time when it was safe to borrow money from a bank with out fear of loan sharks from the bank sleeping in my living room and raiding my kids picky bank at 3 am, and to restore a balance in banking (loan) law to again treat individuals and families fairly as opposed to giving totally unfair advantage to large, monopolistic, banks that don't give a damn about individuals or families.
Again, simple solution, stop borrowing money. Live within your means. Asking the government to control things so that you don't have to be accountable
is the problem with this country.
